The first and biggest review of the country’s offshore oil and gas industry in over 30 years has been launched this month by the UK government, in a bid to unlock the potential of Britain’s remaining offshore reserves.
Headed up by Sir Ian Wood, former chief executive and chairman of global energy services group Wood Group PLC and one of the most respected figures in the industry, the review team will look at ensuring that the sector, which is a vital contributor to the UK economy, maintains a strong force at a time of economic immobilism.
Focusing on the key areas that would make the most significant difference, the review team have been given 6 months to look at factors including maximising production and exploration in the UK Continental Shelf, the licensing regime, optimising and extending the life of infrastructure, production efficiency, the use of enhanced oil recovery techniques, increasing exploration and better collaboration across the industry. The team will not be making any recommendations about changes to the taxation and the fiscal regime for North Sea oil and gas.
Highlighting the importance to the UK economy of its oil and gas industry, which supports 440,000 jobs and between 2011 and 2012, paid 11.2billion pounds in direct taxes, Sir Ian Wood explains that
‘The values involved in UK oil and gas are so large that even modest increases in key production metrics over time will deliver significant economic benefits’.
Industry leaders have welcomed the review and believe ways can be found to increase daily North Sea production from its current 1.5 million barrels of oil per day to 2 million barrels.
More Blogs
Companies House Identity Verification Rules Explained
For years, Companies House has largely operated as a passive registrar — accepting information at face value and relying on businesses to submit accurate records. However, in recent years this has been changing, and quickly! And at the centre of these reforms is mandatory identity verification.
The 2026 Essential Guide to Forex Trading Tax in the UK
Forex trader tax is a topic that can seem complex – particularly as different countries have different rules around taxation on forex trading gains. If you’re looking to discover the rules on forex trader tax in the UK, look no further. We’ve put together a guide on how forex trading is taxed, your record-keeping and reporting obligations, how spread betting is different from forex trading and more.
A Complete Guide to Changing From Sole Trader to Limited Company
We’re often asked, “Can I change from sole trader to limited company?” The answer is absolutely yes. Read on for why you may want to switch from a Sole Trader to a Limited Company, the benefits of doing so, and what you can expect during this transition.